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20130113
20130121
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CNNW 3
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Search Results 0 to 2 of about 3 (some duplicates have been removed)
CNN
Jan 14, 2013 8:00pm PST
spending. >> we'll start with the deficit, shrinking more rapidly than at any time since the end of the korean war. in the end of december, we had a deficit for the month of $260 million, not $260 billion, $260 million. which in washington is almost the budget. that's the smallest monthly deficit in five years. some of that is artificial. people pulling transactions forward because they were afraid of higher tax rates in 2013. but for the first three months of 2013, we have a rapidly shrinking fiscal 2013, we have a rapidly shrinking deficit. so we are in a way chasing a vanishing problem. >> which is interesting, and that would allow for some things that are dirty and things that are not so dirty, would completely perhaps get rid of this problem after a while. do you think we're headed for a full stalemate? >> it's such a shame. i think david is right because we have low debt service right now. we're paying less interest on our debt than we had in the reagan and bush administrations before because interest rates are so low. >> but they're going to go up one day. >> but not for s
CNN
Jan 18, 2013 11:00am PST
to borrow money to make up the deficit, but only up to a certain limit. that's the debt ceiling. treasury does not make decisions about how the money is spent. they are simply empowered in this case to write the checks to pay the bills that are already incurred by your democratically elected congress. the way you would if you are a little short on your monthly bills. refinancing a little bit. that will get us through maybe mid-february to early march. once that stops working, the treasury needs to rely on the cash that it has on hand and the revenue that comes in from taxes. problem is, there isn't that much cash on hand or enough money coming in on most days to cover the expenses. if there were, we wouldn't have a deficit. let me give you an example. february 15th. i choose that day because that might be the day. might be a little early but it might be the day that we stop being able to mess things around. okay. the federal government on that day will take in an estimated $9 billion in revenues. again, that is mostly taxes. on the same day, $52 million will need to be paid out. we've got
Search Results 0 to 2 of about 3 (some duplicates have been removed)